S&P 500 Mayer Multiple
LockedClose ÷ SMA200d — how stretched the S&P is vs its own intermediate trend.
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What's behind the gate
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What this chart shows
Methodology
Mayer Multiple = S&P 500 close / SMA200d, full history from 1928. Same construction as BTC Mayer Multiple — the absolute thresholds differ because equities are less volatile than crypto.